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The Russian Federation is a member state of the Council of Europe Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism "MONEYVAL", which merges Council of Europe member States which are not the FATF members. Council of Europe member states which are members of the Committee but subsequently become members of the FATF can elect to retain membership of MONEYVAL. The Russian Federation is one of three states which are at the same time both the Committee and the FATF members.
The Committee was established in 1997 and operates on the mandate of the Council of Europe and is at the same time the FATF-style regional body. According to the Resolution on the Committee each state should be represented by three experts.
One of the basic forms of the Committee’s activity is mutual evaluations of the member states similar to the FATF assessments. The Russian Federation passed through two rounds of mutual evaluation (in June 2000 and in September 2003). The third round of mutual evaluation is to be held in September-November 2007 in cooperation with the FATF, MONEVAL and the EAG.
Since January 2006 Rosfinmonitoring representative has been the vice-chairman of MONEYVAL.
It is worth mentioning that since June 2006 MONEYVAL has been associate member of the FATF.
Within the framework of the project of the Council of Europe on combating money laundering in the Russian Federation (MOLI-RU), carried out through Rosfinmonitoring, a number of important activities promoting increased interaction with foreign partners and with Russian law enforcement bodies were held in all federal districts in 2004-2005.
The project «Improving legislation and practices in the AML/CFT sphere in the Russian Federation» with participation of Rosfinmonitoring was implemented in 2005-2006. Within the bounds of this project a number of seminars on framing legislative proposals for the purpose of assistance the Russian Federation in ratification of CE Convention on laundering, search, seizure and confiscation of the proceeds from crime and financing of terrorism were held. Moreover practical guidelines for the countering of terrorist financing were worked out.
Starting May 2007 a new long-term project of the Council of Europe on combating money laundering and financing of terrorism in the Russian Federation (MOLI-RU 2) is being implemented for further improvement of the Russian AML/CFT system; Rosfinmonitoring, law, court and supervisory authorities training in the mentioned field with consideration of the advance international experience.
For further information about MONEYVAL see its website:
www.coe.int/moneyval
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